Everyday Savings is the retailer's mainstream savings account, offered through its branches across the country and online.

Good points

The account is easy to open with just £1 and offers penalty-free withdrawals.

Bad points

The interest rate on the account has just fallen from 2.35 per cent to 1.35 per cent and M&S warned this week it will fall by another 1 per cent to a dreadful 0.35 per cent in April.

Conclusion

Savers are being taken for fools by M&S. When the rate falls in April no one should stick with such a paltry payout on their savings. But to be fair to M&S, most other savings institutions use similar shabby tricks to leave people in useless accounts. Whoever you're with, it's a timely reminder to check your rate and switch.